The company will showcase the Ioniq electric vehicle at the Auto Expo that begins next week.
A 'jatha' of 101 farmers will embark on a foot march to Delhi at 1 pm on Friday from the Shambhu border protest site, farmer leader Sarwan Singh Pandher said on Thursday.
The heavy industries ministry has asked US-based electric car major Tesla to first start manufacturing its iconic electric vehicles in India before any tax concessions can be considered, government sources said. They said that the government is not giving such concessions to any auto firm and giving duty benefits to Tesla will not send a good signal to other companies that have invested billions of dollars in India. Tesla has demanded reduction in import duties on electric vehicles (EVs) in India.
These 10 stocks represent the best mix of value and growth, offering relatively low price-to-earnings and price-to-book ratios, a high return on equity, and sufficiently high potential from current levels.
India and the United States will finalize the contours, schedule of negotiations, and terms of reference for a proposed bilateral trade agreement (BTA) during a three-day meeting beginning Tuesday. The agreement is expected to be finalized in two tranches, with the first phase focusing on goods trade. The US team, led by Assistant US Trade Representative for South and Central Asia Brendan Lynch, will be in India from March 25-29 to discuss the agreement. Both countries are aiming to conclude the first phase of the agreement by fall 2025.
According to Siam data, Indian auto companies sold 982,456 units of utility vehicles in the first half of FY23, a 50.29 per cent growth over the corresponding period last year.
Future and concept cars at the New York International Auto Show.
This year's edition, three years lost to the pandemic and scheduling, wore a distinctive shade of green, and, as would befit an era of technology shift from internal combustion engines to electric motors, had a clutch of high-technology exhibits and concepts. But the excitement of the expo's heyday was missing.
The company, which unveiled its compact multi-purpose vehicle Triber in India, is bringing the MPV only in petrol engine option as part of the strategy even as it prepares to introduce electric vehicles in the near future.
The Union Cabinet on Wednesday approved a Rs 26,058 crore production linked incentive (PLI) scheme for auto, auto-components and drone industry to enhance India's manufacturing capabilities, Union Minister Anurag Thakur said on Wednesday. The PLI scheme will incentivize the emergence of advanced automotive technologies' global supply chain in India.
China's covid crisis could provoke a raw material crunch for India's EV industry later this year.
'The Indian govt's initiatives on EVs are very strong and customers want to buy EVs. This will make the country's conversion to EVs faster than other markets, and I hope even faster than the US'
Automotive (auto) and auto ancillary stocks have been in the fast lane thus far in 2023-24 (FY24), with the National Stock Exchange Nifty Auto Index surging nearly 27 per cent, outperforming the Nifty50, which has gained roughly 11 per cent during this period. The top-gear performance of auto stocks at the bourses, according to A K Prabhakar, head of research at IDBI Capital, has been triggered by the premiumisation of products across vehicle manufacturers, which has seen vehicle sales remaining relatively stable. "It is not about higher sales figures now, but about premiumisation.
The Street's optimism on India's largest listed automotive maker by market capitalisation is not misplaced, given the robust wholesale performance in recent months and the strong 2023-24 (FY24) October-December (Q3) results.
Tata Motors recorded its highest-ever monthly retail sales in November on the back of robust demand for its sports utility vehicles amid the festive period, according to a top company official. In an interaction with PTI, Tata Motors passenger vehicles managing director Shailesh Chandra said the automaker retailed around 53,000 units in November, which was 8 per cent higher as compared to October this year and 30 per cent up as compared to sales in November 2022. The company also witnessed strong sales performance in the 47 days long festive period this year with registrations of around 79,374 units, up 18 per cent over the same period of last year.
Tata Motors plans to set up separate sales network for its electric passenger vehicles in current fiscal year as it looks to give differentiated experience to the buyers opting for the environment-friendly models, according to a top company official. The Mumbai-based auto major, which on Thursday introduced all-new versions of its Nexon EV and Nexon (internal combustion engine), said it will start experimenting with new outlets in some of the cities where EV volumes have gone up. "We'll have to separate them (sales outlets for EVs and ICE) given that we have different requirements of customers and also a growing portfolio (of EVs)" Tata Motors Passenger Vehicles managing director Shailesh Chandra told PTI in an interaction.
The discovery of a material that maintains a rechargeable sulphur cathode helps to overcome a primary hurdle to building a lithium-sulphur (Li-S) battery.
During the six-day-long event, automakers have planned 10 global launches, 26 India specific launches, six concept vehicles, seven facelifts and 21 vehicle unveilings.
In a big push to the production-linked incentive (PLI) scheme, the government has nearly doubled (increase of 81 per cent) the allocation in five key industry segments from Rs 8,405 crore in the Revised Estimate of FY24 to Rs 15,198 crore in the Interim Budget for FY25. The segments cover over eight PLI schemes, including mobile phones, IT hardware, pharma (PLIs for medical devices, intermediates and pharmaceuticals), food processing, telecom hardware and, auto and auto components. In FY24, DPIIT officials, however, said that the disbursements would be much higher at around Rs 11,000 crore than what has been budgeted for the year.
'They contest to ensure they win the election.'
The stock of the country's largest passenger vehicle maker, Maruti Suzuki India (MSIL), has been hitting successive all-time highs over the past three trading sessions. The rally in the scrip has helped it notch over a 21 per cent gain since the start of February, outperforming the National Stock Exchange Nifty Auto Index. The gains for the leader of small passenger cars have been more recent, as the company still trails the Nifty Auto over one- and two-year periods.
Electric vehicle market is likely to attract investments of Rs 94,000 crore over the next five years and is expected to generate business opportunities in the real estate sector, according to a joint report by Colliers India and Indospace. The report 'Electric Mobility in Full Gear' mentioned that the electric vehicle (EV) industry in India is currently at a nascent stage but it is likely to grow, backed by government initiatives and a move towards recognising climate change. "India is taking a step towards sustainability and has vowed to cut its carbon emissions. "At the recently concluded CoP26 summit, India pledged to reach net-zero carbon emissions by 2070. "In India, the transport sector is currently the third-largest emitter of CO2. This is leading to increased thrust on EVs in India," it said.
The Centre should provide a clear regulatory pathway that it will follow so that automobile companies can plan their investments and car launches accordingly, Venkatram Mamillapalle, managing director (MD) & chief executive officer (CEO), Renault India Operations, said on Tuesday. Renault is planning to launch five cars - including a B-plus segment sport utility vehicle (SUV), a C-segment SUV and an electric vehicle (EV) - in India in the next three years, he told reporters. In early 2022, the ministry of road transport and highways had announced that cars in India would be required to have six airbags from October 1, 2022.
Retail sales of overall vehicles in India grew by 15.28 per cent to 2,11,20,441 units in 2022 led by record sales of passenger vehicles and tractors, Federation of Automobile Dealers Associations (FADA) said on Thursday. In 2021, total retail sales of vehicles in India were at 1,83,21,760 units, FADA said in a statement. Two-wheelers retail sales stood at 1,53,88,062 units last year, a growth of 13.37 per cent from 2021 when sales stood at 1,35,73,682 units.
The country saw a massive year-on-year surge in the demand for electric vehicles, with retail sales of electric two-wheelers rising by 58 per cent, passenger vehicles by 130 per cent, three-wheelers by 82 per cent, and commercial vehicles by 171 per cent in March 2023, according to the data shared by the Federation of Automobile Dealers Associations (Fada). According to a report by JMK Research, the EV segment as a whole grew by 157 per cent during FY23, to 1,180,597 units, from 458,746 units a year ago. Overall, EV sales in March 2023 rose by 82 per cent from the March 2022 figure, the JMK report added.
Clearly, Foxconn Chairman Young Liu and his team are looking to raise their game in India.
Four years after entering Formula E racing, Mahindra comes out with a racing car designed for the e-racing circuit. Rajesh Karkera/Rediff.com reports.
India's incumbent two-wheeler players, led by TVS Motors, are flexing their muscles, having crossed the registration of 10,000 electric two-wheelers for the first time in November this year, according to data from Vahan, the website of the ministry of road transport and highways. The two key incumbent players, TVS Motors and Bajaj Auto, now account for around 15 per cent share of registrations in the month of November. The number will only go up with Hero MotoCorp now joining the bandwagon with its Vida range of electric scooters.
The improving outlook for the power sector has caught the interest of dividend yield funds. In the first four months of the current financial year (2023-24, or FY24), five of the six largest dividend yield funds have shown a notable increase in their exposure to stocks within the power sector. Some have even introduced new stocks to their portfolios.
Driven by a rise in sales during the current year, German luxury carmaker Mercedes-Benz said on Thursday that the company is expecting a growth in sales of around 8-10 per cent in the next few years. This comes at a time when the company is ready to surpass the previous highest sales of 15,538 vehicles (2018) in 2022. During the first half, the company sold 7,600 units. It already has an order bank of around 7,000 vehicles. In 2021, the company sold 11,242 vehicles.
The government has decided to extend the Rs 25,938-crore production-linked incentive scheme for the automotive sector by one year, Union Heavy Industries Minister Mahendra Nath Pandey said on Tuesday. Post extension, the five-year scheme, originally in place from 2022-23 to 2026-27, will be active until 2027-28. At present, incentives are applicable under the scheme for determined sales of Advanced Automotive Technology (AAT) products (vehicles and components) manufactured in India from 1 April 2022 onwards for a period of five consecutive years.
Widespread rains lashed parts of Tamil Nadu on Thursday, prompting authorities to declare a holiday for schools in Chennai and many other districts.
'In India, the GenAI startup ecosystem is unfolding with remarkable speed, signalling a new era of technological advancement and investment opportunities.'
Unprecedented bribery charges, farewells, separation, failed union, monumental mergers and record-breaking IPOs, along with a healthy dose of online happenings in the form of spat and lessons in customer care, corporate India saw it all in 2024.
The chances of former workers getting jobs depends on the model under which Ford would restart its Chennai plant operations -- under Ford India or as a joint venture or under any other model.
A day after he was ruthlessly removed from the Bharatiya Janata Party Parliamentary Board, Nitin Gadkari -- arguably, the top performer in the Narendra Modi Cabinet and a former BJP president -- was in Mumbai, launching one of his pet projects: Electric public transport buses for the city.
'Two would be premium products and three would be mainstream products.'
France-based automobile manufacturer Renault and Japan-headquartered Nissan on Monday committed investments of $600 million (around Rs 5,300 crore) in the country 15 years after foraying into the Tamil Nadu automobile industry. The fresh round of investments would witness roll out of six new models between the two companies including -- two electric vehicles -- representing the two global brands, Nissan Global chief operating officer and Member, Alliance Board Ashwani Gupta said in Chennai.
The BJP's hyper-local campaign targeting the AAP's loyal base among the poor, along with Prime Minister Narendra Modi's depiction of Delhi's ruling party as "AAP-da" (disaster), proved decisive in the Delhi assembly elections. This victory marks the end of a 26-year drought for the BJP in the national capital. The BJP's campaign highlighted perceived failures in governance and corruption allegations against the AAP, while emphasizing its own welfare schemes. The party's focus on local issues resonated with voters, particularly the middle class and poor who were disenchanted with the AAP's performance. This win is a major setback for the AAP and the INDIA bloc, which has been on a losing streak after its strong performance in the Lok Sabha elections.
Notwithstanding robust volume growth and a strong performance from Jaguar Land Rover (JLR), Tata Motors, the country's second-largest automobile (auto) manufacturer by market capitalisation, disappointed the Street with its January-March quarter (Q4) results for 2023-24 (FY24). While consolidated revenues saw a 13 per cent increase, lower-than-expected realisations in the Indian operations weighed down overall performance.
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